ConjuChem announces securityholder approval for the $5 million non-dilutive financing

    MONTREAL, Aug. 19 /CNW/ - ConjuChem Biotechnologies Inc. ("ConjuChem")
(TSX:CJB) announced today that the securityholders of ConjuChem (the
"Securityholders") approved the previously announced plan of arrangement (the
"Arrangement") at the special meeting of the Securityholders held today in
Montréal. Pursuant to the Arrangement, ConjuChem will receive $5 million in
new, non-dilutive capital.

    About ConjuChem Biotechnologies Inc.

    ConjuChem, a developer of next generation medicines from therapeutic
peptides, creates long-acting compounds based on its proprietary
bioconjugation platform technology. ConjuChem has two major development
programs: PC-DAC(TM):Exendin-4, a GLP-1 receptor agonist in Phase II clinical
development and PC-Insulin, a long-acting basal insulin in preclinical
    Detailed descriptions of ConjuChem and its technologies can be viewed on
ConjuChem's website

    Forward-Looking Statements

    This press release contains certain forward-looking statements,
including, without limitation, statements containing the words "believe",
"may", "plan", "will", "estimate", "continue", "anticipate", "intend",
"expect" and other similar expressions which constitute "forward-looking
information" within the meaning of applicable Canadian securities laws.
Forward-looking statements reflect ConjuChem's current expectation and
assumptions, and are subject to a number of risks and uncertainties that could
cause actual results to differ materially from those anticipated. These
forward-looking statements involve risks and uncertainties including, but not
limited to, the obtaining of court and other regulatory approvals and
consents, the satisfaction of closing conditions, adjustment provisions
relating to the proceeds of the transaction, changing market conditions, the
successful and timely completion of clinical studies, the establishment of
corporate alliances, the impact of competitive products and pricing, new
product development, uncertainties related to the regulatory approval process
and other risks detailed from time-to-time in ConjuChem's ongoing filings with
the Canadian securities regulatory authorities which filings can be found at Given these risks and uncertainties, readers are cautioned not
to place undue reliance on such forward-looking statements. ConjuChem
undertakes no obligation to publicly update or revise any forward-looking
statements either as a result of new information, future events or otherwise,
except as required by applicable Canadian securities laws.

For further information:

For further information: Mark Perrin, President and CEO, ConjuChem
Biotechnologies Inc., (514) 844-5558 ext. 311,; James
Smith, Investor Relations, (416) 815-0700 ext. 229,

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